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alexandr1967 [171]
3 years ago
10

Listed below are some items found in the financial statements of Tony Gruber Co. Indicate in which financial statement(s) the fo

llowing items would appear. (a) Service revenue. (b) Equipment. (c) Advertising expense. (d) Accounts receivable. (e) Owner’s capital. (f) Salaries and wages payable
Business
1 answer:
ss7ja [257]3 years ago
6 0

Answer:

The correct financial statement for the respective items is:

a) Service Revenue - Income statement.

b) Equipment - Statement of financial position.

c) Advertising expense - Income statement.

d) Accounts receivable - Statement of financial position.

e) Owner’s capital - Statement of financial position.

f) Salaries and wages payable - Statement of financial position.

Explanation:

a) Service Revenue - Service revenue refers to the sales generated from the services provided/offered by the business to its customers. Service revenue is an item of the income statement and appears on the credit side amongst revenues/incomes list.

b) Equipment - Equipment in accounting is used to refer tangible items such as plant, property and motor vehicle which are expected to be used for production for longer than one accounting period. They are tangible items and form part of the statement of financial position under the non-current assets.

c) Advertising expense - Advertising expense refers to operating expense incurred by the business in advertising its products/services. It is an item of the of the income statement and appears on the debit side amongst expenses list.

d) Accounts receivable - The term accounts receivable refers to all the payments a business is expecting for goods or services it provided to its customers on credit. It is a part of the statement of financial position and appears under the current accounts.

e) Owner’s capital - Also known as the owner's equity, owners capital  refers to all the investment the owner has put into the business.This maybe in the form of funds or assets. It is a part of the statement of financial position and appears under the Capital  and retained earnings / losses accounts.

f) Salaries and wages payable - Salaries and wages payable refers to salaries and wages due/owed to the business's employees for prior periods.It is part of the statement of financial position and appears under the current liabilities accounts.

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Answer:

$648,000

Explanation:

Given that;

Net income = $360,000

Interest expense = $72,000

Times interest earned = 10

Net Income + Interest expense + Tax expense ÷ Interest expense = Times interest earned.

($360,000 + $72,000 + Tax expense) /$72,000 = 10

Tax expense = $288,000

Therefore;

Sunderland's income before taxes for the year

= Net income + Tax expense

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= $648,000

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Excise taxes on tobacco and alcohol and state sales taxes are often criticized for being regressive. Although everyone pays the
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Excise taxes on tobacco and alcohol and state sales taxes are often criticized for being regressive. Although everyone pays the same rate regardless of income, this might be so because low-income individuals are more prone than high-income individuals to purchase alcohol, tobacco, and gasoline.

<h3>What are Excise taxes?</h3>
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1 year ago
The All-Mine Corporation is deciding whether to invest in a new one-year project. The project would have to be financed by equit
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A. NPV of the project

NPV = -2000 + 2500/(1.15) = $173.91

B. Value of the firm and its debt and equity components before and after the project addition.

Determine expected cash flows before the project.

($3,000 + $3,000 + $1,000)/3)/1.15 = $2,333.33/1.15 = $2,028.99

($1,500 + $0 + $0)/3)/1.15 = $500/1.15=$434.78

Determine value with project.

($3,000 + $3,000 + $3,000)/3)/1.15 =$3,000/1.15 = $2,608.70

($4,000 + $2,500 + $500)/3)/1.15 = $2,333.33/1.15=$2,028.99

C. The company should not take the project because the NPV does not go to equity but to bond holders.

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3 years ago
The primary goal of managerial accounting is to provide information to A. internal decisionminusmakers. B. creditors. C. shareho
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Answer:

A. internal decision makers

Explanation:

Managerial accounting is a form of accounting the identification, analysis and interpretation of an entity's information for the pursuance of its set goals and objective by internal users such as Managers.

The information presented by managerial accounting is used by management in making key business decisions.

Elements of managerial accounting includes budgeting and forecasting which differs from financial accounting uses historical data and is meant majorly for external users such as creditors and shareholders.

Hence the primary goal of managerial accounting is to provide information to internal decision makers.

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